Hyperliquid’s spot ETFs ballooned to $502 million in September, yet the investors actually putting money in were heading for the exits. Find out who stepped in to fill that gap and what it signals for HYPE’s price stability.
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As of September 25, 2026, Hyperliquid‘s (CRYPTO:HYPE) three U.S. spot ETFs held a total of $502 million in net assets. However, the money investors poured into these funds has declined to $342 million, down from a peak of $356.6 million on September 4. This means the Hyperliquid ETFs grew in value even as around $14 million flowed out.
These ETFs, which include Bitwise’s BHYP, Grayscale’s HYPG, and 21Shares’ THYP, hold HYPE tokens worth about 2.5% of HYPE’s market value. In contrast, U.S. spot Bitcoin ETFs typically hold about 6.3% of all Bitcoin. So, what changed for Hyperliquid ETFs in September, and who is currently buying HYPE?
Three Hyperliquid ETFs Hold $502 Million, but Their Inflows Remain Below the September 4 Peak
While total net assets reflect the funds’ current valuation based on HYPE’s price, cumulative net inflow reflects all money invested minus any withdrawals. The substantial $160 million difference between these two figures mainly reflects HYPE’s price appreciation, as it trades near $94, just shy of its all-time high from September 19. Therefore, the funds grew primarily from rising prices, not new investments.
Cumulative inflows drop only when redemptions—where investors choose to exchange fund shares for cash—outpace creations, where new shares are issued. After reaching their peak on September 4, investors withdrew about $23 million over the next two weeks, including a $5.3 million outflow from BHYP on September 9.
In the week of September 21, investment patterns varied significantly. The ETFs received $2.8 million on September 21, experienced no net inflow on September 22, lost $1.6 million on September 23, and gained $4.8 million on September 24, while HYPG added $3.2 million on September 25.
Binance Listed HYPE on September 24 With a High-Risk Seed Tag
On September 24, Binance began spot trading for HYPE against USDT, USDC, and the Turkish lira. However, it labeled HYPE with a Seed Tag, indicating a higher risk due to its recent listing. Traders interested in HYPE must complete a risk assessment before making purchases.
Despite Hyperliquid managing about two-thirds of on-chain perpetual futures trading, HYPE’s price fell 4.5% after Binance’s listing. This dip occurred as large holders moved their coins to exchanges, signaling potential selling.
On the same day, Multicoin Capital, an early investor, transferred approximately 130,000 HYPE—valued at about $12.2 million—to Coinbase Prime. This follows Hyperliquid’s release of about 9.9 million locked HYPE, worth an estimated $820 million, on September 6, just two days after ETF inflows peaked.
Hyperliquid Strategies Bought More HYPE in 16 Hours Than the ETFs Took In All Week
In a surprising move, Hyperliquid Strategies (NASDAQ:PURR)—a Nasdaq-listed entity that holds HYPE similarly to how Strategy holds Bitcoin—purchased about 494,000 HYPE, valued at around $45.8 million, in just 16 hours on September 25. This single transaction exceeded the $9.2 million total all three ETFs accumulated over the entire week.
Over the past month, Hyperliquid Strategies has purchased approximately 5.5 million HYPE, worth around $476 million, bringing their total holdings to about 35.1 million HYPE valued at roughly $3.2 billion. Additionally, Hyperliquid reinvests 97% of its trading fees into buying back HYPE, indicating strong ongoing support for the token, which ETF figures do not capture.
However, ETF flows only reflect movement through the U.S. fund shares and do not account for exchanges where most HYPE transactions occur. So a quiet week for the ETFs doesn’t necessarily mean a lack of demand.
What Changed for Hyperliquid’s ETFs in September?
In summary, after the inflow peak on September 4 and amid the $820 million unlock, investor interest in the Hyperliquid ETFs diminished. The dominant buying activity has shifted to Hyperliquid Strategies and the protocol’s own buybacks. Hence, while the ETFs appear larger at $502 million, much of this growth stemmed from HYPE’s price increase rather than new capital inflows.
This implies that HYPE’s support now hinges heavily on a single treasury company and its buying program, both of which may slow in the future. Should cumulative inflows rise above the previous peak of $356.6 million, it would indicate renewed investor confidence in the funds. Conversely, if Hyperliquid Strategies’ purchasing slows and major holders continue to transfer HYPE to exchanges, the ETFs’ $502 million valuation could decrease along with HYPE’s price.
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